Home Selling in Bloomfield>Question Details

GGriff, Home Seller in Bloomfield, CT

I currently live in a super updated townhouse and have purchased a new home. My closing date on my new home is in a month and I still have not sold

Asked by GGriff, Bloomfield, CT Sun Mar 28, 2010

my townhome. Do I continue to drop the price on my town house just to sell quickly or should I consider renting it out for a year?

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Investigate the tax implications of renting. Do some research, possibly by attending a local investor's group meeting, then ask yourself if you really want to be a landlord. For some people, this is an excellent source of income. For others, it is too much hassle

Now, do you have any idea why you have not sold your townhouse? If it is not being shown while other townhouses in the complex are selling, you almost certainly have a pricing issue. If it is being shown, have you gotten feedback from the potential buyers? Is it possible, while being super updated, there are condition or presentation problems with the unit? On my website, in the science and art of staging, I offer a lot of advice about preparing a property for sale. Feel free to explore there.
Web Reference: http://anorderleehome.com/
0 votes Thank Flag Link Tue Mar 30, 2010
Do you need the money from this sale for that purchase?

If yes, price low and pray.

If no whatever you wish will work out one way or another. You might even rent it out and have a renter pay it off for you.
0 votes Thank Flag Link Sun Mar 28, 2010
Talk with a CPA about the financial consequences of leasing your townhome, both during the leasing period AND most importantly, when you sell.

Personally if I could, I would never sell. Accumulate rental properties as retirement income.
0 votes Thank Flag Link Sun Mar 28, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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If you don't need to sell the condo to buy the new house, then you are truely free to do as you choose. There are tax implications to both options, so you should probably ask your accountant which is the better thing for you at this time.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Sun Mar 28, 2010
You can do either. If it is not a burden - why not consider keeping the home as an investment?
0 votes Thank Flag Link Sun Mar 28, 2010
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